Fiscal planning is the process of developing and measuring a government or institution’s budget to meet its objectives. This involves forecasting revenue, estimating expenses, assessing assets and liabilities, setting goals and making financial plans (Lopez & Annamalai, 2018). Fiscal planning is an important aspect of strategic planning because it affects how resources are allocated in order to achieve operational and long-term goals (Bemowski, 2020). Resource allocation determines which activities take priority over others in terms of funding level. For example, if an organization wants to expand operations into a new market, it may need additional capital; however this amount must be balanced with other investments such as research and development or employee training initiatives.
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